Two Bitcoin Exchanges Gain Official Licenses in the Philippines.

While the use of Bitcoin is not new to the Philippines, it is ready to make a great leap forward and looks to gain a stronger foothold in this country where the majority of people living here are unbanked. Because the Philippines is one of the world leaders in remittances (inflow of money from abroad accounting for approximately 10% of the country's GDP), more people may quickly learn that the cost of that remittance is coming down, and could likely turn to cryptocurrencies to save money.

Since 2014, I've been using Bitcoin through a company named Coins.ph to pay my Telecom (Globe) and internet bills. I also can send Globe or TM loads to family members and receive a rebate back on those loads. Aside from where we live, in other areas of the Philippines you can pay for your electric bill, cable TV bill and insurance costs, among a host of expanding service providers, all with bitcoin online . Now with the addition of Bitcoin exchanges, the exposure to and usage of Bitcoin and other cryptocurrencies can only expand.

The added benefit to me has been, besides the convenience of bill paying, the fact that bitcoin continues to increase and totally has offset my cost of all of our telecom services. The way I look at it is the service we enjoy has been free and I'm still earing a return on my bitcoin investment. It's like I'm being paid to watch TV, use my phone and surf the internet. It's been a win-win for me.

Read more about the new Bitcoin exchange licenses issued in the Philippines.